On February 20, Ho Kai Xin, a former Bybit payroll executive who was accused of stealing $4.20 million in public funds, refused to comply with a court order and spent nearly $840,000 on a freehold penthouse and Louis Vuitton luxury goods after the court ruling. The 32-year-old woman was sentenced to six weeks in prison for contempt of court on January 27 for violating a high court order.
Previously, it was reported that in July 2023, crypto trading platform Bybit sued Ms Ho, who was responsible for the payment of wages within the company, for abuse of power by transferring a large amount of USDT to an address she secretly owned and controlled. The Ordinary Division of the High Court of Singapore on July 25 upheld the judgment that cryptocurrencies are generally recognized as property, and that holders of crypto assets have in principle intangible property rights recognized at common law as items in litigation, and therefore can be enforced in court. The court ordered Ms Ho to pay Bybit immediately all the transferred money with interest.
Former Bybit payroll chief sentenced to six weeks in jail for stealing $4.20 million for refusing to comply with court order
2025-02-20 06:31:52
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